Türkiye’s insurance market continued to expand rapidly in the first half of 2025, with total gross written premiums (GWP) up 51.6% year-on-year to TRY 576.75 billion (approx. EUR 12.35 billion, +14.3%), according to the Insurance Association of Türkiye (TSB). The sharp 30% depreciation of the Turkish lira against the euro significantly altered growth figures when expressed in foreign currency, highlighting the ongoing impact of exchange rate volatility on market performance.

The life insurance sector posted an 81% increase in GWP, reaching TRY 78.52 billion (EUR 1.68 billion, +36.5%), while non-life insurance grew 47.8% to TRY 498.23 billion (EUR 10.67 billion, +11.4%). Health insurance saw the most dynamic expansion — +70.5% in local currency — gaining two percentage points in market share. However, several other non-life lines lost ground, slightly reducing the segment’s overall share in the market portfolio.

Motor insurance retained its leading position, representing 36.3% of total GWP (down 1 pp y-o-y). Of this, two-thirds came from compulsory MTPL, which recorded TRY 143.93 billion (EUR 3.08 billion) in premiums, up 55.8% in TRY and 17.4% in EUR terms.

Despite strong premium growth, the segment’s profitability continued to deteriorate amid persistent inflation and currency depreciation. The MTPL sector recorded record losses of TRY 23.9 billion (USD 579 million) in the first half of 2025, more than double the TRY 10.1 billion loss reported a year earlier. All companies active in MTPL reported negative results, underscoring the structural imbalance between premium adequacy and claims costs.

However, despite the persistent profitability challenges in the MTPL segment, Turkish insurers closed the first half of 2025 with a solid overall financial result, posting a gross profit of EUR 560 million (TRY 26.15 billion). The life insurance segment contributed a technical result of EUR 309 million (TRY 14.43 billion), while the non-life segment delivered a notably stronger performance, achieving a technical result of EUR 1.43 billion (TRY 66.75 billion).

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